Telecom chipmaker PMC-Sierra (PMCS) has reached a deal with activist firm Relational Investors. Relational will be allowed to appoint one PMC board member - either its co-founder or Managing Director - but has to commit to supporting all of PMC's board nominees. Relational owned 8.9% of PMC as of Nov. 8 and has long been pushing the company to explore "strategic alternatives," but nothing has materialized yet.